English subtitles for clip: File:President Obama Presents American Jobs Act (Enhanced Version).webm

1
00:00:00,800 --> 00:00:07,070
President Obama:
Mr. Speaker, Mr. Vice
President, members of Congress,

2
00:00:07,066 --> 00:00:13,236
and fellow Americans: Tonight
we meet at an urgent time

3
00:00:13,233 --> 00:00:15,503
for our country.

4
00:00:15,500 --> 00:00:19,930
We continue to face an economic
crisis that has left millions of

5
00:00:19,934 --> 00:00:24,104
our neighbors jobless, and a
political crisis that's made

6
00:00:24,100 --> 00:00:27,070
things worse.

7
00:00:27,066 --> 00:00:29,036
This past week, reporters
have been asking,

8
00:00:29,033 --> 00:00:33,063
"What will this speech
mean for the President?

9
00:00:33,066 --> 00:00:35,696
What will it mean for Congress?

10
00:00:35,700 --> 00:00:41,000
How will it affect their
polls, and the next election?"

11
00:00:41,000 --> 00:00:45,370
But the millions of Americans
who are watching right now,

12
00:00:45,367 --> 00:00:48,297
they don't care about politics.

13
00:00:48,300 --> 00:00:51,570
They have real-life concerns.

14
00:00:51,567 --> 00:00:55,397
Many have spent months
looking for work.

15
00:00:55,400 --> 00:00:58,530
Others are doing their best just
to scrape by -- giving up nights

16
00:00:58,533 --> 00:01:02,863
out with the family to save
on gas or make the mortgage;

17
00:01:02,867 --> 00:01:07,797
postponing retirement to
send a kid to college.

18
00:01:07,800 --> 00:01:12,100
These men and women grew up with
faith in an America where hard

19
00:01:12,100 --> 00:01:16,800
work and responsibility
paid off.

20
00:01:16,800 --> 00:01:20,330
They believed in a country where
everyone gets a fair shake and

21
00:01:20,333 --> 00:01:25,763
does their fair share -- where
if you stepped up, did your job,

22
00:01:25,767 --> 00:01:29,197
and were loyal to your company,
that loyalty would be rewarded

23
00:01:29,200 --> 00:01:32,170
with a decent salary
and good benefits;

24
00:01:32,166 --> 00:01:35,196
maybe a raise once in a while.

25
00:01:35,200 --> 00:01:38,270
If you did the right
thing, you could make it.

26
00:01:38,266 --> 00:01:41,866
Anybody could make
it in America.

27
00:01:41,867 --> 00:01:48,567
For decades now, Americans have
watched that compact erode.

28
00:01:48,567 --> 00:01:53,167
They have seen the decks too
often stacked against them.

29
00:01:53,166 --> 00:01:55,936
And they know that Washington
has not always put their

30
00:01:55,934 --> 00:01:59,404
interests first.

31
00:01:59,400 --> 00:02:01,070
The people of this
country work hard

32
00:02:01,066 --> 00:02:03,966
to meet their responsibilities.

33
00:02:03,967 --> 00:02:09,137
The question tonight is
whether we'll meet ours.

34
00:02:09,133 --> 00:02:12,333
The question is whether, in the
face of an ongoing national

35
00:02:12,333 --> 00:02:16,163
crisis, we can stop the
political circus and actually

36
00:02:16,166 --> 00:02:18,036
do something to help the economy.

37
00:02:18,033 --> 00:02:35,263
(applause)

38
00:02:35,266 --> 00:02:38,936
The question -- the question
is whether we can restore some

39
00:02:38,934 --> 00:02:43,604
of the fairness and security
that has defined this nation

40
00:02:43,600 --> 00:02:46,570
since our beginning.

41
00:02:46,567 --> 00:02:51,037
Those of us here tonight can't
solve all our nation's woes.

42
00:02:51,033 --> 00:02:54,763
Ultimately, our recovery will
be driven not by Washington,

43
00:02:54,767 --> 00:02:58,397
but by our businesses
and our workers.

44
00:02:58,400 --> 00:03:01,230
But we can help.

45
00:03:01,233 --> 00:03:03,633
We can make a difference.

46
00:03:03,633 --> 00:03:06,803
There are steps we can
take right now to improve

47
00:03:06,800 --> 00:03:10,300
people's lives.

48
00:03:10,300 --> 00:03:13,330
I am sending this Congress
a plan that you should pass

49
00:03:13,333 --> 00:03:15,833
right away.

50
00:03:15,834 --> 00:03:18,734
It's called the
American Jobs Act.

51
00:03:18,734 --> 00:03:21,164
There should be nothing
controversial about this

52
00:03:21,166 --> 00:03:22,736
piece of legislation.

53
00:03:22,734 --> 00:03:25,534
Everything in here is the
kind of proposal that's been

54
00:03:25,533 --> 00:03:29,603
supported by both Democrats
and Republicans -- including

55
00:03:29,600 --> 00:03:32,370
many who sit here tonight.

56
00:03:32,367 --> 00:03:35,367
And everything in this
bill will be paid for.

57
00:03:35,367 --> 00:03:36,267
Everything.

58
00:03:36,266 --> 00:03:45,166
(applause)

59
00:03:45,166 --> 00:03:49,536
The purpose of the American
Jobs Act is simple: to put more

60
00:03:49,533 --> 00:03:52,933
people back to work and more
money in the pockets of those

61
00:03:52,934 --> 00:03:54,664
who are working.

62
00:03:54,667 --> 00:03:56,837
It will create more jobs
for construction workers,

63
00:03:56,834 --> 00:03:59,364
more jobs for teachers,
more jobs for veterans,

64
00:03:59,367 --> 00:04:01,837
and more jobs for
long-term unemployed.

65
00:04:01,834 --> 00:04:02,934
(applause)

66
00:04:02,934 --> 00:04:06,764
It will provide -- it will
provide a tax break for

67
00:04:06,767 --> 00:04:09,967
companies who hire new workers,
and it will cut payroll taxes in

68
00:04:09,967 --> 00:04:14,167
half for every working American
and every small business.

69
00:04:14,166 --> 00:04:20,966
(applause)

70
00:04:20,967 --> 00:04:25,037
It will provide a jolt to an
economy that has stalled,

71
00:04:25,033 --> 00:04:27,433
and give companies confidence
that if they invest and if they

72
00:04:27,433 --> 00:04:31,533
hire, there will be customers
for their products and services.

73
00:04:31,533 --> 00:04:34,303
You should pass this
jobs plan right away.

74
00:04:34,300 --> 00:04:40,800
(applause)

75
00:04:40,800 --> 00:04:44,970
Everyone here knows that small
businesses are where most new

76
00:04:44,967 --> 00:04:46,737
jobs begin.

77
00:04:46,734 --> 00:04:48,504
And you know that while
corporate profits have come

78
00:04:48,500 --> 00:04:52,170
roaring back, smaller
companies haven't.

79
00:04:52,166 --> 00:04:55,336
So for everyone who speaks so
passionately about making life

80
00:04:55,333 --> 00:04:59,903
easier for "job creators,"
this plan is for you.

81
00:04:59,900 --> 00:05:00,300
(applause)

82
00:05:00,300 --> 00:05:04,300
Pass this jobs bill --
pass this jobs bill,

83
00:05:04,300 --> 00:05:07,730
and starting tomorrow, small
businesses will get a tax cut

84
00:05:07,734 --> 00:05:11,534
if they hire new workers or
if they raise workers' wages.

85
00:05:11,533 --> 00:05:14,763
Pass this jobs bill, and all
small business owners will also

86
00:05:14,767 --> 00:05:17,967
see their payroll taxes
cut in half next year.

87
00:05:17,967 --> 00:05:18,737
(applause)

88
00:05:18,734 --> 00:05:22,364
If you have 50 employees -- if
you have 50 employees making an

89
00:05:22,367 --> 00:05:26,567
average salary, that's
an $80,000 tax cut.

90
00:05:26,567 --> 00:05:28,837
And all businesses will be able
to continue writing off the

91
00:05:28,834 --> 00:05:32,504
investments they make in 2012.

92
00:05:32,500 --> 00:05:35,800
It's not just Democrats who have
supported this kind of proposal.

93
00:05:35,800 --> 00:05:39,130
Fifty House Republicans have
proposed the same payroll tax

94
00:05:39,133 --> 00:05:40,933
cut that's in this plan.

95
00:05:40,934 --> 00:05:42,604
You should pass it right away.

96
00:05:42,600 --> 00:05:50,330
(applause)

97
00:05:50,333 --> 00:05:53,063
Pass this jobs bill, and
we can put people to work

98
00:05:53,066 --> 00:05:55,496
rebuilding America.

99
00:05:55,500 --> 00:05:58,930
Everyone here knows we have
badly decaying roads and bridges

100
00:05:58,934 --> 00:06:01,064
all over the country.

101
00:06:01,066 --> 00:06:03,366
Our highways are
clogged with traffic.

102
00:06:03,367 --> 00:06:07,337
Our skies are the most
congested in the world.

103
00:06:07,333 --> 00:06:09,703
It's an outrage.

104
00:06:09,700 --> 00:06:12,300
Building a world-class
transportation system is

105
00:06:12,300 --> 00:06:15,430
part of what made us
a economic superpower.

106
00:06:15,433 --> 00:06:17,863
And now we're going to sit back
and watch China build newer

107
00:06:17,867 --> 00:06:20,367
airports and faster railroads?

108
00:06:20,367 --> 00:06:22,537
At a time when millions of
unemployed construction

109
00:06:22,533 --> 00:06:25,033
workers could build them
right here in America?

110
00:06:25,033 --> 00:06:44,463
(applause)

111
00:06:44,467 --> 00:06:48,067
There are private construction
companies all across America

112
00:06:48,066 --> 00:06:50,996
just waiting to get to work.

113
00:06:51,000 --> 00:06:54,000
There's a bridge that needs
repair between Ohio and Kentucky

114
00:06:54,000 --> 00:06:56,300
that's on one of the
busiest trucking routes

115
00:06:56,300 --> 00:06:58,000
in North America.

116
00:06:58,000 --> 00:07:01,030
A public transit project in
Houston that will help clear

117
00:07:01,033 --> 00:07:04,263
up one of the worst areas
of traffic in the country.

118
00:07:04,266 --> 00:07:08,136
And there are schools throughout
this country that desperately

119
00:07:08,133 --> 00:07:10,503
need renovating.

120
00:07:10,500 --> 00:07:13,670
How can we expect our kids to
do their best in places that

121
00:07:13,667 --> 00:07:16,297
are literally falling apart?

122
00:07:16,300 --> 00:07:18,100
This is America.

123
00:07:18,100 --> 00:07:21,070
Every child deserves a great
school -- and we can give it

124
00:07:21,066 --> 00:07:22,366
to them, if we act now.

125
00:07:22,367 --> 00:07:37,137
(applause)

126
00:07:37,133 --> 00:07:40,203
The American Jobs Act will
repair and modernize at least

127
00:07:40,200 --> 00:07:42,530
35,000 schools.

128
00:07:42,533 --> 00:07:46,203
It will put people to work right
now fixing roofs and windows,

129
00:07:46,200 --> 00:07:48,570
installing science labs
and high-speed Internet

130
00:07:48,567 --> 00:07:51,697
in classrooms all
across this country.

131
00:07:51,700 --> 00:07:54,430
It will rehabilitate homes and
businesses in communities hit

132
00:07:54,433 --> 00:07:57,103
hardest by foreclosures.

133
00:07:57,100 --> 00:07:59,470
It will jumpstart thousands
of transportation projects

134
00:07:59,467 --> 00:08:01,167
all across the country.

135
00:08:01,166 --> 00:08:04,366
And to make sure the
money is properly spent,

136
00:08:04,367 --> 00:08:07,837
we're building on reforms
we've already put in place.

137
00:08:07,834 --> 00:08:09,734
No more earmarks.

138
00:08:09,734 --> 00:08:11,864
No more boondoggles.

139
00:08:11,867 --> 00:08:14,437
No more bridges to nowhere.

140
00:08:14,433 --> 00:08:17,033
We're cutting the red tape that
prevents some of these projects

141
00:08:17,033 --> 00:08:19,803
from getting started
as quickly as possible.

142
00:08:19,800 --> 00:08:23,830
And we'll set up an independent
fund to attract private dollars

143
00:08:23,834 --> 00:08:27,804
and issue loans based on
two criteria: how badly a

144
00:08:27,800 --> 00:08:30,730
construction project is needed
and how much good it will do

145
00:08:30,734 --> 00:08:31,734
for the economy.

146
00:08:31,734 --> 00:08:39,104
(applause)

147
00:08:39,100 --> 00:08:42,530
This idea came from a bill
written by a Texas Republican

148
00:08:42,533 --> 00:08:45,803
and a Massachusetts Democrat.

149
00:08:45,800 --> 00:08:48,400
The idea for a big boost in
construction is supported by

150
00:08:48,400 --> 00:08:51,630
America's largest business
organization and America's

151
00:08:51,633 --> 00:08:54,233
largest labor organization.

152
00:08:54,233 --> 00:08:57,703
It's the kind of proposal that's
been supported in the past by

153
00:08:57,700 --> 00:09:00,230
Democrats and Republicans alike.

154
00:09:00,233 --> 00:09:01,763
You should pass it right away.

155
00:09:01,767 --> 00:09:14,267
(applause)

156
00:09:14,266 --> 00:09:16,996
Pass this jobs bill, and
thousands of teachers in

157
00:09:17,000 --> 00:09:20,000
every state will
go back to work.

158
00:09:20,000 --> 00:09:22,300
These are the men and women
charged with preparing our

159
00:09:22,300 --> 00:09:25,230
children for a world where
the competition has never

160
00:09:25,233 --> 00:09:27,603
been tougher.

161
00:09:27,600 --> 00:09:29,700
But while they're adding
teachers in places like South

162
00:09:29,700 --> 00:09:34,230
Korea, we're laying
them off in droves.

163
00:09:34,233 --> 00:09:36,203
It's unfair to our kids.

164
00:09:36,200 --> 00:09:38,730
It undermines their
future and ours.

165
00:09:38,734 --> 00:09:40,104
And it has to stop.

166
00:09:40,100 --> 00:09:43,470
Pass this bill, and put our
teachers back in the classroom

167
00:09:43,467 --> 00:09:44,397
where they belong.

168
00:09:44,400 --> 00:09:58,500
(applause)

169
00:09:58,500 --> 00:10:01,570
Pass this jobs bill, and
companies will get extra tax

170
00:10:01,567 --> 00:10:05,437
credits if they hire
America's veterans.

171
00:10:05,433 --> 00:10:08,263
We ask these men and women
to leave their careers,

172
00:10:08,266 --> 00:10:14,336
leave their families, risk their
lives to fight for our country.

173
00:10:14,333 --> 00:10:17,563
The last thing they should have
to do is fight for a job when

174
00:10:17,567 --> 00:10:18,737
they come home.

175
00:10:18,734 --> 00:10:38,604
(applause)

176
00:10:38,600 --> 00:10:41,670
Pass this bill, and hundreds of
thousands of disadvantaged young

177
00:10:41,667 --> 00:10:44,437
people will have the hope
and the dignity of a summer

178
00:10:44,433 --> 00:10:46,133
job next year.

179
00:10:46,133 --> 00:10:46,763
And their parents --

180
00:10:46,767 --> 00:10:48,737
(applause)

181
00:10:48,734 --> 00:10:51,464
-- their parents, low-income
Americans who desperately want

182
00:10:51,467 --> 00:10:55,867
to work, will have more
ladders out of poverty.

183
00:10:55,867 --> 00:10:58,997
Pass this jobs bill, and
companies will get a $4,000

184
00:10:59,000 --> 00:11:01,800
tax credit if they hire
anyone who has spent more

185
00:11:01,800 --> 00:11:03,700
than six months
looking for a job.

186
00:11:03,700 --> 00:11:10,970
(applause)

187
00:11:10,967 --> 00:11:13,997
We have to do more to help the
long-term unemployed in their

188
00:11:14,000 --> 00:11:15,770
search for work.

189
00:11:15,767 --> 00:11:18,537
This jobs plan builds on a
program in Georgia that several

190
00:11:18,533 --> 00:11:20,603
Republican leaders
have highlighted,

191
00:11:20,600 --> 00:11:22,470
where people who collect
unemployment insurance

192
00:11:22,467 --> 00:11:26,397
participate in temporary work
as a way to build their skills

193
00:11:26,400 --> 00:11:28,730
while they look for
a permanent job.

194
00:11:28,734 --> 00:11:30,564
The plan also extends
unemployment insurance

195
00:11:30,567 --> 00:11:31,897
for another year.

196
00:11:31,900 --> 00:11:32,630
(applause)

197
00:11:32,633 --> 00:11:36,733
If the millions of unemployed
Americans stopped getting this

198
00:11:36,734 --> 00:11:39,364
insurance, and stopped
using that money for basic

199
00:11:39,367 --> 00:11:41,497
necessities, it would
be a devastating blow

200
00:11:41,500 --> 00:11:43,030
to this economy.

201
00:11:43,033 --> 00:11:45,863
Democrats and Republicans in
this chamber have supported

202
00:11:45,867 --> 00:11:48,597
unemployment insurance
plenty of times in the past.

203
00:11:48,600 --> 00:11:51,030
And in this time of
prolonged hardship,

204
00:11:51,033 --> 00:11:52,833
you should pass it
again -- right away.

205
00:11:52,834 --> 00:11:59,364
(applause)

206
00:11:59,367 --> 00:12:02,967
Pass this jobs bill, and the
typical working family will

207
00:12:02,967 --> 00:12:06,637
get a $1,500 tax cut next year.

208
00:12:06,633 --> 00:12:09,733
Fifteen hundred dollars that
would have been taken out of

209
00:12:09,734 --> 00:12:14,204
your pocket will go
into your pocket.

210
00:12:14,200 --> 00:12:16,830
This expands on the tax cut
that Democrats and Republicans

211
00:12:16,834 --> 00:12:19,764
already passed for this year.

212
00:12:19,767 --> 00:12:23,937
If we allow that tax cut to
expire -- if we refuse to act --

213
00:12:23,934 --> 00:12:27,234
middle-class families will get
hit with a tax increase at the

214
00:12:27,233 --> 00:12:29,103
worst possible time.

215
00:12:29,100 --> 00:12:31,170
We can't let that happen.

216
00:12:31,166 --> 00:12:34,336
I know that some of you have
sworn oaths to never raise any

217
00:12:34,333 --> 00:12:37,463
taxes on anyone for
as long as you live.

218
00:12:37,467 --> 00:12:40,337
Now is not the time to carve
out an exception and raise

219
00:12:40,333 --> 00:12:42,833
middle-class taxes, which
is why you should pass this

220
00:12:42,834 --> 00:12:43,764
bill right away.

221
00:12:43,767 --> 00:12:57,867
(applause)

222
00:12:57,867 --> 00:13:00,567
This is the American Jobs Act.

223
00:13:00,567 --> 00:13:03,067
It will lead to new jobs
for construction workers,

224
00:13:03,066 --> 00:13:05,636
for teachers, for veterans,
for first responders,

225
00:13:05,633 --> 00:13:08,903
young people and the
long-term unemployed.

226
00:13:08,900 --> 00:13:11,430
It will provide tax credits to
companies that hire new workers,

227
00:13:11,433 --> 00:13:13,603
tax relief to small
business owners,

228
00:13:13,600 --> 00:13:16,430
and tax cuts for
the middle class.

229
00:13:16,433 --> 00:13:18,403
And here's the other thing I
want the American people to

230
00:13:18,400 --> 00:13:21,830
know: The American Jobs Act
will not add to the deficit.

231
00:13:21,834 --> 00:13:23,264
It will be paid for.

232
00:13:23,266 --> 00:13:24,236
And here's how.

233
00:13:24,233 --> 00:13:27,063
(applause)

234
00:13:27,066 --> 00:13:31,266
The agreement we passed in July
will cut government spending by

235
00:13:31,266 --> 00:13:34,536
about $1 trillion over
the next 10 years.

236
00:13:34,533 --> 00:13:37,063
It also charges this Congress
to come up with an additional

237
00:13:37,066 --> 00:13:41,396
$1.5 trillion in
savings by Christmas.

238
00:13:41,400 --> 00:13:44,030
Tonight, I am asking you to
increase that amount so that

239
00:13:44,033 --> 00:13:46,703
it covers the full cost
of the American Jobs Act.

240
00:13:46,700 --> 00:13:50,070
And a week from Monday, I'll
be releasing a more ambitious

241
00:13:50,066 --> 00:13:53,136
deficit plan -- a plan that will
not only cover the cost of this

242
00:13:53,133 --> 00:13:57,063
jobs bill, but stabilize
our debt in the long run.

243
00:13:57,066 --> 00:14:06,036
(applause)

244
00:14:06,033 --> 00:14:08,003
This approach is basically
the one I've been advocating

245
00:14:08,000 --> 00:14:10,170
for months.

246
00:14:10,166 --> 00:14:12,536
In addition to the trillion
dollars of spending cuts I've

247
00:14:12,533 --> 00:14:16,533
already signed into law, it's a
balanced plan that would reduce

248
00:14:16,533 --> 00:14:19,863
the deficit by making
additional spending cuts,

249
00:14:19,867 --> 00:14:22,797
by making modest adjustments
to health care programs like

250
00:14:22,800 --> 00:14:26,430
Medicare and Medicaid, and by
reforming our tax code in a way

251
00:14:26,433 --> 00:14:29,333
that asks the wealthiest
Americans and biggest

252
00:14:29,333 --> 00:14:31,933
corporations to pay
their fair share.

253
00:14:31,934 --> 00:14:39,404
(applause)

254
00:14:39,400 --> 00:14:41,930
What's more, the spending cuts
wouldn't happen so abruptly that

255
00:14:41,934 --> 00:14:45,034
they'd be a drag on our economy,
or prevent us from helping small

256
00:14:45,033 --> 00:14:47,603
businesses and middle-class
families get back on their

257
00:14:47,600 --> 00:14:50,270
feet right away.

258
00:14:50,266 --> 00:14:52,596
Now, I realize there are some
in my party who don't think we

259
00:14:52,600 --> 00:14:55,770
should make any changes at
all to Medicare and Medicaid,

260
00:14:55,767 --> 00:14:58,537
and I understand their concerns.

261
00:14:58,533 --> 00:15:02,833
But here's the truth: Millions
of Americans rely on Medicare

262
00:15:02,834 --> 00:15:04,464
in their retirement.

263
00:15:04,467 --> 00:15:07,397
And millions more will
do so in the future.

264
00:15:07,400 --> 00:15:09,800
They pay for this benefit
during their working years.

265
00:15:09,800 --> 00:15:11,630
They earn it.

266
00:15:11,633 --> 00:15:14,833
But with an aging population
and rising health care costs,

267
00:15:14,834 --> 00:15:17,704
we are spending too fast
to sustain the program.

268
00:15:17,700 --> 00:15:20,730
And if we don't gradually reform
the system while protecting

269
00:15:20,734 --> 00:15:24,004
current beneficiaries, it
won't be there when future

270
00:15:24,000 --> 00:15:26,200
retirees need it.

271
00:15:26,200 --> 00:15:28,530
We have to reform
Medicare to strengthen it.

272
00:15:28,533 --> 00:15:46,233
(applause)

273
00:15:46,233 --> 00:15:48,233
I am also -- I'm also well aware
that there are many Republicans

274
00:15:48,233 --> 00:15:50,863
who don't believe we should
raise taxes on those who are

275
00:15:50,867 --> 00:15:54,237
most fortunate and
can best afford it.

276
00:15:54,233 --> 00:15:58,663
But here is what every American
knows: While most people in this

277
00:15:58,667 --> 00:16:01,637
country struggle
to make ends meet,

278
00:16:01,633 --> 00:16:04,533
a few of the most affluent
citizens and most profitable

279
00:16:04,533 --> 00:16:07,603
corporations enjoy tax
breaks and loopholes that

280
00:16:07,600 --> 00:16:10,000
nobody else gets.

281
00:16:10,000 --> 00:16:12,600
Right now, Warren Buffett
pays a lower tax rate than

282
00:16:12,600 --> 00:16:16,700
his secretary -- an outrage
he has asked us to fix.

283
00:16:16,700 --> 00:16:18,200
(laughter)

284
00:16:18,200 --> 00:16:24,130
We need a tax code where
everyone gets a fair shake

285
00:16:24,133 --> 00:16:25,933
and where everybody
pays their fair share.

286
00:16:25,934 --> 00:16:39,734
(applause)

287
00:16:39,734 --> 00:16:42,134
And by the way, I believe
the vast majority of wealthy

288
00:16:42,133 --> 00:16:45,533
Americans and CEOs are willing
to do just that if it helps the

289
00:16:45,533 --> 00:16:49,633
economy grow and gets our
fiscal house in order.

290
00:16:49,633 --> 00:16:52,603
I'll also offer ideas to
reform a corporate tax code

291
00:16:52,600 --> 00:16:55,370
that stands as a monument
to special interest

292
00:16:55,367 --> 00:16:56,867
influence in Washington.

293
00:16:56,867 --> 00:16:59,597
By eliminating pages of
loopholes and deductions,

294
00:16:59,600 --> 00:17:02,030
we can lower one of the
highest corporate tax

295
00:17:02,033 --> 00:17:03,103
rates in the world.

296
00:17:03,100 --> 00:17:03,770
(applause)

297
00:17:03,767 --> 00:17:06,437
Our tax code should not give
an advantage to companies

298
00:17:06,433 --> 00:17:09,263
that can afford the
best-connected lobbyists.

299
00:17:09,266 --> 00:17:11,766
It should give an advantage to
companies that invest and create

300
00:17:11,767 --> 00:17:14,337
jobs right here in the
United States of America.

301
00:17:14,333 --> 00:17:30,333
(applause)

302
00:17:30,333 --> 00:17:34,763
So we can reduce this
deficit, pay down our debt,

303
00:17:34,767 --> 00:17:38,667
and pay for this jobs
plan in the process.

304
00:17:38,667 --> 00:17:41,897
But in order to do this,
we have to decide what

305
00:17:41,900 --> 00:17:44,430
our priorities are.

306
00:17:44,433 --> 00:17:47,603
We have to ask ourselves,
"What's the best way to grow

307
00:17:47,600 --> 00:17:51,230
the economy and create jobs?"

308
00:17:51,233 --> 00:17:54,203
Should we keep tax
loopholes for oil companies?

309
00:17:54,200 --> 00:17:56,770
Or should we use that money to
give small business owners a tax

310
00:17:56,767 --> 00:17:59,267
credit when they
hire new workers?

311
00:17:59,266 --> 00:18:03,096
Because we can't
afford to do both.

312
00:18:03,100 --> 00:18:06,500
Should we keep tax breaks for
millionaires and billionaires?

313
00:18:06,500 --> 00:18:09,830
Or should we put teachers back
to work so our kids can graduate

314
00:18:09,834 --> 00:18:11,664
ready for college and good jobs?

315
00:18:11,667 --> 00:18:16,137
(applause)

316
00:18:16,133 --> 00:18:20,333
Right now, we can't
afford to do both.

317
00:18:20,333 --> 00:18:22,933
This isn't political grandstanding.

318
00:18:22,934 --> 00:18:25,204
This isn't class warfare.

319
00:18:25,200 --> 00:18:26,730
This is simple math.

320
00:18:26,734 --> 00:18:28,864
(laughter)

321
00:18:28,867 --> 00:18:30,037
This is simple math.

322
00:18:30,033 --> 00:18:33,033
These are real choices.

323
00:18:33,033 --> 00:18:34,963
These are real choices
that we've got to make.

324
00:18:34,967 --> 00:18:37,667
And I'm pretty sure I know what
most Americans would choose.

325
00:18:37,667 --> 00:18:39,867
It's not even close.

326
00:18:39,867 --> 00:18:42,597
And it's time for us to do
what's right for our future.

327
00:18:42,600 --> 00:18:50,800
(applause)

328
00:18:50,800 --> 00:18:54,100
Now, the American Jobs Act
answers the urgent need to

329
00:18:54,100 --> 00:18:57,030
create jobs right away.

330
00:18:57,033 --> 00:18:59,503
But we can't stop there.

331
00:18:59,500 --> 00:19:02,400
As I've argued since
I ran for this office,

332
00:19:02,400 --> 00:19:04,500
we have to look beyond the
immediate crisis and start

333
00:19:04,500 --> 00:19:08,170
building an economy that
lasts into the future --

334
00:19:08,166 --> 00:19:11,336
an economy that creates good,
middle-class jobs that pay well

335
00:19:11,333 --> 00:19:13,563
and offer security.

336
00:19:13,567 --> 00:19:16,067
We now live in a world where
technology has made it possible

337
00:19:16,066 --> 00:19:19,696
for companies to take
their business anywhere.

338
00:19:19,700 --> 00:19:23,570
If we want them to start here
and stay here and hire here,

339
00:19:23,567 --> 00:19:26,967
we have to be able to out-build
and out-educate and out-innovate

340
00:19:26,967 --> 00:19:28,297
every other country on Earth.

341
00:19:28,300 --> 00:19:36,200
(applause)

342
00:19:36,200 --> 00:19:39,370
And this task of making America
more competitive for the long

343
00:19:39,367 --> 00:19:42,897
haul, that's a
job for all of us.

344
00:19:42,900 --> 00:19:45,900
For government and
for private companies.

345
00:19:45,900 --> 00:19:48,130
For states and for local
communities -- and for

346
00:19:48,133 --> 00:19:50,963
every American citizen.

347
00:19:50,967 --> 00:19:53,867
All of us will have
to up our game.

348
00:19:53,867 --> 00:19:58,237
All of us will have to change
the way we do business.

349
00:19:58,233 --> 00:20:01,703
My administration can and will
take some steps to improve our

350
00:20:01,700 --> 00:20:04,930
competitiveness on our own.

351
00:20:04,934 --> 00:20:07,404
For example, if you're a small
business owner who has a

352
00:20:07,400 --> 00:20:09,200
contract with the
federal government,

353
00:20:09,200 --> 00:20:11,570
we're going to make sure
you get paid a lot faster

354
00:20:11,567 --> 00:20:12,597
than you do right now.

355
00:20:12,600 --> 00:20:18,330
(applause)

356
00:20:18,333 --> 00:20:21,103
We're also planning to cut away
the red tape that prevents too

357
00:20:21,100 --> 00:20:24,230
many rapidly growing startup
companies from raising capital

358
00:20:24,233 --> 00:20:25,603
and going public.

359
00:20:25,600 --> 00:20:27,970
And to help responsible
homeowners,

360
00:20:27,967 --> 00:20:30,867
we're going to work with federal
housing agencies to help more

361
00:20:30,867 --> 00:20:34,067
people refinance their mortgages
at interest rates that are now

362
00:20:34,066 --> 00:20:35,866
near 4 percent.

363
00:20:35,867 --> 00:20:36,767
That's a step --

364
00:20:36,767 --> 00:20:50,637
(applause)

365
00:20:50,633 --> 00:20:52,133
-- I know you guys
must be for this,

366
00:20:52,133 --> 00:20:54,603
because that's a step that
can put more than $2,000

367
00:20:54,600 --> 00:20:57,830
a year in a family's pocket,
and give a lift to an economy

368
00:20:57,834 --> 00:21:02,764
still burdened by the
drop in housing prices.

369
00:21:02,767 --> 00:21:05,337
So, some things we
can do on our own.

370
00:21:05,333 --> 00:21:08,903
Other steps will require
congressional action.

371
00:21:08,900 --> 00:21:11,330
Today you passed reform that
will speed up the outdated

372
00:21:11,333 --> 00:21:13,903
patent process, so that
entrepreneurs can turn a new

373
00:21:13,900 --> 00:21:17,270
idea into a new business
as quickly as possible.

374
00:21:17,266 --> 00:21:19,636
That's the kind
of action we need.

375
00:21:19,633 --> 00:21:23,703
Now it's time to clear the way
for a series of trade agreements

376
00:21:23,700 --> 00:21:26,270
that would make it easier for
American companies to sell their

377
00:21:26,266 --> 00:21:30,836
products in Panama and Colombia
and South Korea -- while also

378
00:21:30,834 --> 00:21:33,504
helping the workers whose
jobs have been affected by

379
00:21:33,500 --> 00:21:34,530
global competition.

380
00:21:34,533 --> 00:21:44,963
(applause)

381
00:21:44,967 --> 00:21:47,697
If Americans can buy
Kias and Hyundais,

382
00:21:47,700 --> 00:21:50,800
I want to see folks in South
Korea driving Fords and Chevys

383
00:21:50,800 --> 00:21:51,900
and Chryslers.

384
00:21:51,900 --> 00:21:52,800
(applause)

385
00:21:52,800 --> 00:21:56,470
I want to see more products sold
around the world stamped with

386
00:21:56,467 --> 00:21:59,367
the three proud words:
"Made in America."

387
00:21:59,367 --> 00:22:00,767
That's what we need to get done.

388
00:22:00,767 --> 00:22:13,867
(applause)

389
00:22:13,867 --> 00:22:18,267
And on all of our efforts to
strengthen competitiveness,

390
00:22:18,266 --> 00:22:20,596
we need to look for ways
to work side by side with

391
00:22:20,600 --> 00:22:22,600
America's businesses.

392
00:22:22,600 --> 00:22:24,770
That's why I've brought together
a Jobs Council of leaders from

393
00:22:24,767 --> 00:22:27,637
different industries who are
developing a wide range of new

394
00:22:27,633 --> 00:22:31,933
ideas to help companies
grow and create jobs.

395
00:22:31,934 --> 00:22:33,904
Already, we've mobilized
business leaders to train

396
00:22:33,900 --> 00:22:37,830
10,000 American engineers a
year, by providing company

397
00:22:37,834 --> 00:22:40,264
internships and training.

398
00:22:40,266 --> 00:22:42,696
Other businesses are covering
tuition for workers who learn

399
00:22:42,700 --> 00:22:44,730
new skills at
community colleges.

400
00:22:44,734 --> 00:22:48,264
And we're going to make sure the
next generation of manufacturing

401
00:22:48,266 --> 00:22:51,566
takes root not in China or
Europe, but right here,

402
00:22:51,567 --> 00:22:52,767
in the United States of America.

403
00:22:52,767 --> 00:23:07,637
(applause)

404
00:23:07,633 --> 00:23:09,463
If we provide the
right incentives,

405
00:23:09,467 --> 00:23:12,567
the right support -- and if we
make sure our trading partners

406
00:23:12,567 --> 00:23:16,537
play by the rules -- we can be
the ones to build everything

407
00:23:16,533 --> 00:23:19,603
from fuel-efficient cars
to advanced biofuels to

408
00:23:19,600 --> 00:23:23,570
semiconductors that we
sell all around the world.

409
00:23:23,567 --> 00:23:26,667
That's how America can
be number one again.

410
00:23:26,667 --> 00:23:29,337
And that's how America
will be number one again.

411
00:23:29,333 --> 00:23:35,303
(applause)

412
00:23:35,300 --> 00:23:39,830
Now, I realize that some of you
have a different theory on how

413
00:23:39,834 --> 00:23:42,304
to grow the economy.

414
00:23:42,300 --> 00:23:45,100
Some of you sincerely believe
that the only solution to our

415
00:23:45,100 --> 00:23:49,170
economic challenges is to simply
cut most government spending and

416
00:23:49,166 --> 00:23:51,096
eliminate most
government regulations.

417
00:23:51,100 --> 00:24:03,200
(applause)

418
00:24:03,200 --> 00:24:06,670
Well, I agree that we can't
afford wasteful spending,

419
00:24:06,667 --> 00:24:11,767
and I'll work with you, with
Congress, to root it out.

420
00:24:11,767 --> 00:24:15,037
And I agree that there are some
rules and regulations that do

421
00:24:15,033 --> 00:24:17,903
put an unnecessary burden on
businesses at a time when they

422
00:24:17,900 --> 00:24:18,930
can least afford it.

423
00:24:18,934 --> 00:24:24,404
(applause)

424
00:24:24,400 --> 00:24:28,170
That's why I ordered a review
of all government regulations.

425
00:24:28,166 --> 00:24:30,996
So far, we've identified
over 500 reforms,

426
00:24:31,000 --> 00:24:34,400
which will save billions of
dollars over the next few years.

427
00:24:34,400 --> 00:24:34,900
(applause)

428
00:24:34,900 --> 00:24:39,230
We should have no more
regulation than the health,

429
00:24:39,233 --> 00:24:42,203
safety and security of the
American people require.

430
00:24:42,200 --> 00:24:44,600
Every rule should meet
that common-sense test.

431
00:24:44,600 --> 00:24:50,630
(applause)

432
00:24:50,633 --> 00:24:56,303
But what we can't do -- what
I will not do -- is let this

433
00:24:56,300 --> 00:25:00,130
economic crisis be used as an
excuse to wipe out the basic

434
00:25:00,133 --> 00:25:03,363
protections that Americans
have counted on for decades.

435
00:25:03,367 --> 00:25:15,467
(applause)

436
00:25:15,467 --> 00:25:19,097
I reject the idea that we need
to ask people to choose between

437
00:25:19,100 --> 00:25:21,500
their jobs and their safety.

438
00:25:21,500 --> 00:25:24,670
I reject the argument that
says for the economy to grow,

439
00:25:24,667 --> 00:25:27,167
we have to roll back protections
that ban hidden fees by credit

440
00:25:27,166 --> 00:25:30,296
card companies, or rules that
keep our kids from being exposed

441
00:25:30,300 --> 00:25:33,270
to mercury, or laws that prevent
the health insurance industry

442
00:25:33,266 --> 00:25:35,866
from shortchanging patients.

443
00:25:35,867 --> 00:25:37,997
I reject the idea that we
have to strip away collective

444
00:25:38,000 --> 00:25:40,300
bargaining rights to
compete in a global economy.

445
00:25:40,300 --> 00:25:55,200
(applause)

446
00:25:55,200 --> 00:25:57,930
We shouldn't be in a
race to the bottom,

447
00:25:57,934 --> 00:26:00,564
where we try to offer the
cheapest labor and the worst

448
00:26:00,567 --> 00:26:02,737
pollution standards.

449
00:26:02,734 --> 00:26:04,804
America should be in
a race to the top.

450
00:26:04,800 --> 00:26:06,430
And I believe we
can win that race.

451
00:26:06,433 --> 00:26:16,333
(applause)

452
00:26:16,333 --> 00:26:18,533
In fact, this larger notion
that the only thing we can

453
00:26:18,533 --> 00:26:20,933
do to restore prosperity is
just dismantle government,

454
00:26:20,934 --> 00:26:24,034
refund everybody's money, and
let everyone write their own

455
00:26:24,033 --> 00:26:27,303
rules, and tell everyone
they're on their own --

456
00:26:27,300 --> 00:26:30,270
that's not who we are.

457
00:26:30,266 --> 00:26:33,596
That's not the story of America.

458
00:26:33,600 --> 00:26:36,870
Yes, we are rugged individualists.

459
00:26:36,867 --> 00:26:39,567
Yes, we are strong
and self-reliant.

460
00:26:39,567 --> 00:26:42,337
And it has been the drive and
initiative of our workers and

461
00:26:42,333 --> 00:26:45,533
entrepreneurs that has made this
economy the engine and the envy

462
00:26:45,533 --> 00:26:47,303
of the world.

463
00:26:47,300 --> 00:26:50,100
But there's always been another
thread running throughout our

464
00:26:50,100 --> 00:26:53,870
history -- a belief that
we're all connected,

465
00:26:53,867 --> 00:26:56,797
and that there are some things
we can only do together,

466
00:26:56,800 --> 00:26:58,530
as a nation.

467
00:26:58,533 --> 00:27:01,063
We all remember Abraham
Lincoln as the leader who

468
00:27:01,066 --> 00:27:03,166
saved our Union.

469
00:27:03,166 --> 00:27:06,266
Founder of the Republican Party.

470
00:27:06,266 --> 00:27:08,896
But in the middle
of a civil war,

471
00:27:08,900 --> 00:27:13,230
he was also a leader who looked
to the future -- a Republican

472
00:27:13,233 --> 00:27:15,503
President who mobilized
government to build the

473
00:27:15,500 --> 00:27:16,730
Transcontinental Railroad --

474
00:27:16,734 --> 00:27:17,634
(applause)

475
00:27:17,633 --> 00:27:20,003
-- launch the National
Academy of Sciences,

476
00:27:20,000 --> 00:27:22,030
set up the first
land grant colleges.

477
00:27:22,033 --> 00:27:23,333
(applause)

478
00:27:23,333 --> 00:27:29,063
And leaders of both parties have
followed the example he set.

479
00:27:29,066 --> 00:27:32,466
Ask yourselves -- where would we
be right now if the people who

480
00:27:32,467 --> 00:27:36,037
sat here before us decided
not to build our highways,

481
00:27:36,033 --> 00:27:40,063
not to build our bridges,
our dams, our airports?

482
00:27:40,066 --> 00:27:43,096
What would this country be like
if we had chosen not to spend

483
00:27:43,100 --> 00:27:48,100
money on public high schools,
or research universities,

484
00:27:48,100 --> 00:27:51,070
or community colleges?

485
00:27:51,066 --> 00:27:53,736
Millions of returning heroes,
including my grandfather,

486
00:27:53,734 --> 00:27:56,834
had the opportunity to go to
school because of the G.I. Bill.

487
00:27:56,834 --> 00:27:59,204
Where would we be if they
hadn't had that chance?

488
00:27:59,200 --> 00:28:16,000
(applause)

489
00:28:16,000 --> 00:28:19,800
How many jobs would it have cost
us if past Congresses decided

490
00:28:19,800 --> 00:28:22,100
not to support the basic
research that led to the

491
00:28:22,100 --> 00:28:24,830
Internet and the computer chip?

492
00:28:24,834 --> 00:28:28,434
What kind of country would this
be if this chamber had voted

493
00:28:28,433 --> 00:28:32,163
down Social Security or Medicare
just because it violated some

494
00:28:32,166 --> 00:28:35,236
rigid idea about what government
could or could not do?

495
00:28:35,233 --> 00:28:35,933
(applause)

496
00:28:35,934 --> 00:28:41,104
How many Americans would
have suffered as a result?

497
00:28:41,100 --> 00:28:44,770
No single individual built
America on their own.

498
00:28:44,767 --> 00:28:47,637
We built it together.

499
00:28:47,633 --> 00:28:52,163
We have been, and always will
be, one nation, under God,

500
00:28:52,166 --> 00:28:54,836
indivisible, with liberty
and justice for all;

501
00:28:54,834 --> 00:28:58,664
a nation with responsibilities
to ourselves and with

502
00:28:58,667 --> 00:29:00,837
responsibilities to one another.

503
00:29:00,834 --> 00:29:03,064
And members of Congress,
it is time for us to meet

504
00:29:03,066 --> 00:29:04,536
our responsibilities.

505
00:29:04,533 --> 00:29:25,503
(applause)

506
00:29:25,500 --> 00:29:28,270
Every proposal I've laid out
tonight is the kind that's

507
00:29:28,266 --> 00:29:32,766
been supported by Democrats
and Republicans in the past.

508
00:29:32,767 --> 00:29:36,237
Every proposal I've laid out
tonight will be paid for.

509
00:29:36,233 --> 00:29:39,603
And every proposal is designed
to meet the urgent needs of our

510
00:29:39,600 --> 00:29:42,200
people and our communities.

511
00:29:42,200 --> 00:29:45,200
Now, I know there's been a lot
of skepticism about whether the

512
00:29:45,200 --> 00:29:48,100
politics of the moment will
allow us to pass this jobs

513
00:29:48,100 --> 00:29:51,470
plan -- or any jobs plan.

514
00:29:51,467 --> 00:29:54,397
Already, we're seeing the same
old press releases and tweets

515
00:29:54,400 --> 00:29:56,770
flying back and forth.

516
00:29:56,767 --> 00:29:58,997
Already, the media has
proclaimed that it's impossible

517
00:29:59,000 --> 00:30:01,300
to bridge our differences.

518
00:30:01,300 --> 00:30:03,730
And maybe some of you have
decided that those differences

519
00:30:03,734 --> 00:30:08,804
are so great that we can only
resolve them at the ballot box.

520
00:30:08,800 --> 00:30:14,800
But know this: The next
election is 14 months away.

521
00:30:14,800 --> 00:30:18,730
And the people who sent us here
-- the people who hired us to

522
00:30:18,734 --> 00:30:23,564
work for them -- they don't have
the luxury of waiting 14 months.

523
00:30:23,567 --> 00:30:45,397
(applause)

524
00:30:45,400 --> 00:30:49,630
Some of them are living week
to week, paycheck to paycheck,

525
00:30:49,633 --> 00:30:51,003
even day to day.

526
00:30:51,000 --> 00:30:54,770
They need help, and
they need it now.

527
00:30:54,767 --> 00:30:59,037
I don't pretend that this plan
will solve all our problems.

528
00:30:59,033 --> 00:31:01,303
It should not be,
nor will it be,

529
00:31:01,300 --> 00:31:04,500
the last plan of
action we propose.

530
00:31:04,500 --> 00:31:07,500
What's guided us from the start
of this crisis hasn't been the

531
00:31:07,500 --> 00:31:09,700
search for a silver bullet.

532
00:31:09,700 --> 00:31:13,000
It's been a commitment to stay
at it -- to be persistent --

533
00:31:13,000 --> 00:31:15,900
to keep trying every
new idea that works,

534
00:31:15,900 --> 00:31:17,600
and listen to every
good proposal,

535
00:31:17,600 --> 00:31:21,170
no matter which party
comes up with it.

536
00:31:21,166 --> 00:31:24,266
Regardless of the arguments
we've had in the past,

537
00:31:24,266 --> 00:31:27,096
regardless of the arguments
we will have in the future,

538
00:31:27,100 --> 00:31:29,800
this plan is the right
thing to do right now.

539
00:31:29,800 --> 00:31:30,970
You should pass it.

540
00:31:30,967 --> 00:31:33,697
And I intend to take that
message to every corner

541
00:31:33,700 --> 00:31:34,530
of this country.

542
00:31:34,533 --> 00:31:46,133
(applause)

543
00:31:46,133 --> 00:31:50,903
And I ask -- I ask every
American who agrees to lift

544
00:31:50,900 --> 00:31:56,030
your voice: Tell the people who
are gathered here tonight that

545
00:31:56,033 --> 00:31:57,863
you want action now.

546
00:31:57,867 --> 00:32:01,137
Tell Washington that doing
nothing is not an option.

547
00:32:01,133 --> 00:32:04,333
Remind us that if we act as
one nation and one people,

548
00:32:04,333 --> 00:32:08,233
we have it within our power
to meet this challenge.

549
00:32:08,233 --> 00:32:12,103
President Kennedy once said,
"Our problems are man-made --

550
00:32:12,100 --> 00:32:14,370
therefore they can
be solved by man.

551
00:32:14,367 --> 00:32:18,397
And man can be as
big as he wants."

552
00:32:18,400 --> 00:32:20,130
These are difficult
years for our country.

553
00:32:20,133 --> 00:32:21,633
But we are Americans.

554
00:32:21,633 --> 00:32:23,763
We are tougher than
the times we live in,

555
00:32:23,767 --> 00:32:26,437
and we are bigger than
our politics have been.

556
00:32:26,433 --> 00:32:28,203
So let's meet the moment.

557
00:32:28,200 --> 00:32:31,670
Let's get to work, and let's
show the world once again why

558
00:32:31,667 --> 00:32:33,167
the United States of
America remains the

559
00:32:33,166 --> 00:32:34,336
greatest nation on Earth.

560
00:32:34,333 --> 00:32:34,663
(applause)

561
00:32:34,667 --> 00:32:36,037
Thank you very much.

562
00:32:36,033 --> 00:32:39,763
God bless you, and God bless
the United States of America.

563
00:32:39,767 --> 00:32:41,167
(applause)